Exchanges are the gateway to cryptocurrencies but passing through that gateway comes with many considerations and potential pitfalls. With more than 200 digital currency exchanges listed on CoinMarketCap, crypto newcomers and even experienced traders have their work cut out in making the right choice. In this article, we’ll look at how to pick the best cryptocurrency exchange, considering critical questions such as individual needs, security, and usability.
First off, you’ll want to make sure that the exchange you’re going to use is available and legally operating in your country. Due to the regulatory fog around cryptocurrencies in many countries, some exchanges don’t operate in all jurisdictions. In particular, US citizens may find that many exchanges don’t accept them as customers, and in the US, regulations can vary between states. Therefore, it helps if you find out a little about the regulatory position on cryptocurrencies in your own location.